NEW YORK (TheStreet) -- Nike (NKE) - Get Report  shares are down nearly 4% Friday, despite what many investors considered a strong earnings report. But TheStreet's Jim Cramer said Nike's revenue and earnings beat didn't translate into good results for shoe retailer Finish Line (FINL)

Cramer, the co-manager of the Action Alerts PLUS portfolio, pointed out during CNBC's "Stop Trading" segment that Finish Line missed on earnings per share and guided for flat EPS growth for fiscal 2015. Shares are down 21%.

Cramer said when the company missed earnings estimates last quarter it said it would fix its inventory issues in the next 30 to 90 days. Investors believed them, Cramer said, pushing the stock higher going into earnings. 

Clearly those issues were not resolved, Cramer said. "This was a very disappointing quarter."


Finish Line FINL data by YCharts

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Obviously, Finish Line has the "wrong selection" of products, Cramer said, but isn't sure why. The stock is "suspect" because management failed to fix the problems it tried to address in the last quarter, Cramer concluded. 

-- Written by Bret Kenwell

Follow @BretKenwell

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.